UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    Form 13F

                               FORM 13F COVER PAGE

Report for the Quarter Ended: March 31, 2010

Check here if Amendment: [_];  Amendment No.
                                            -----
This Amendment (Check only one): [_] is a restatement.
                                 [_] Adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:    Oppenheimer Capital LLC
Address: 1345 Avenue of the Americas, 50th Floor, New York, NY 10105

Form 13F File Number: 28-02443

The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:    Kellie E. Davidson
Title:   Assistant Secretary
Phone:   (949) 219-2200

Signature, Place, and Date of Signing:

 /s/ Kellie E. Davidson      Newport Beach, California        May 13, 2010
- ------------------------    ---------------------------    -----------------
     [Signature]                   [City, State]                [Date]

Report Type (Check only one.):

[_]  13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
     are reported in this Report)

[X]  13F NOTICE. (Check here if no holdings reported are in this report, and all
     holdings are reported by other reporting manager(s).)

[_]  13F COMBINATION REPORT. (Check here if a portion of the holdings for this
     reporting manager are reported in this Report and a portion are reported by
     other reporting manager(s).)

List of Other Managers Reporting for this Manager:

Form 13F File Number:                 Name:

28-2701                               Allianz Global Investors of America L.P.